Assignment on

Globalization
Submitted To
Syeedul Al-Amin
Associate Professor
Department of Management Studies
Comilla University

Submitted By
ID: 230305008, 230305014, 230305018, 230305022, 230305030
Batch: 21st
Session: Fall 2023
Department of Management Studies
 Globalization

What is Globalization:
Globalization is a process of interaction and integration among the people, companies, and
governments of different nations, a process driven by international trade and investment and aided
by information technology. This process has effects on the environment, on culture, on political
systems, on economic development and prosperity, and on human physical well-being in societies
around the world.

According to Oxford Dictionary "Globalization is the fact that different cultures and economic
systems around the world are becoming connected and similar to each other because. of the
influence of large multinational companies and of improved communication".

According to Wikipedia (a web encyclopedia) "Globalization refers to increasing global

connectivity, integration and interdependence in the economic, social, technological, c ‫لسسلس‬
political, and ecological spheres."

Shahzaman Mozumdar (IT Professional and Freedom Fighter) says, "Globalization evokes
different feelings to different people. Some look at globalization as "the panacea."-the elixir that
will eradicate all poverty, remove disparity, and enable the global citizens to enjoy a decent
lifestyle-the lure of globalization, Others view globalization as "the evil" that will further enslave
them to the rich"

In the broadest sense, Globalization implies integration of economies and societies across the globe
through flows of technology, trade and capital. Integration of production, accelerated cross-border
investments and more trade are the logical outcomes of this process. It is a phenomenon of 21"
century.
History of Globalization:
Globalization is referred to the process of going to a more interconnected world. It can also be
interpreted as the transition from regional or national economies to global economies. In this
networking of trade and transportation, communication plays a vital role. There is also a term
economic globalization where the integration national economies into international economies
come into play.

Digging the history of globalization, Oxford English Dictionary states that word "globalization"
was first put into action in 1930. It was then used in education to denote a holistic view of human
experience in education. Charles Taze Russell, the American entrepreneur-turned-minister was the
first one to give a description for globalization. In 1897, he coined the term 'corporate giants"
which was used by the social scientists and economist only in the 1960s.

Though globalization means the reduction and eradication of barriers between national borders to
enhance a free flow of services and goods, this term can be used in a number of ways. The pace of
globalization which was begun in the nineteenth century was slowed by the impact of the First
World War. Since many countries wanted to protect their economies, they started looking into their
economies attributing to an inward-looking policy. However, globalization started to boom in the
fourth quarter of the twentieth century.

What is the G20?

The G20, or Group of Twenty, is an international forum that aims to foster international
cooperation by addressing global economic issues, such as financial stability and climate change.
The G20 is made up of 19 countries and the European Union, including most of the world's largest
economies.

The nations involved account for 80% of the planet's population, 75% of global exports and 85%
of world GDP. It was founded in 1999, following the 1997 financial crisis, and has met every year
since then.
Since 2008, the G20 has held an annual summit that brings together heads of state to discuss
important economic issues. The G20's president is selected annually on a rotating basis, and that
person's home country hosts the summit.

In 2021, the summit was held in Rome, Italy, and it addressed issues such as climate change,
vaccines, taxes, the global economy and development aid. The 2022 summit was held in Bali,
Indonesia. The main themes addressed were energy, governance, health, industrial development,
economics and investment, as well as countering Russian aggression in Ukraine. The 2023 summit
was held in New Delhi, India, with a focus on similar issues as well as an agreement to dramatically
expand sustainable energy.

The members of G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, Japan,
India, Indonesia, Italy, Mexico, Russia, South Africa, Saudi Arabia, South Korea, Turkey, the
United Kingdom, the United States, the European Union and the African Union. Spain is a
permanent guest of the organization.

Types of globalization: Economic, political, cultural

There are three types of globalization.

• Economic globalization. This type of globalization focuses on the integration of

international financial markets and the coordination of financial exchange. Free trade
agreements, such as the North American Free Trade Agreement and the Trans-Pacific
Partnership, are examples of economic globalization. Multinational corporations, which
operate in two or more countries, play a large role in economic globalization.

• Political globalization. This type covers the national policies that bring countries together
politically, economically and culturally. International organizations such as NATO and the
United Nations are part of the political globalization effort.

• Cultural globalization. This aspect of globalization focuses in large part on the

technological and societal factors that are causing cultures to converge. These include
increased ease of communication, the pervasiveness of social media and access to faster
and better transportation.
These three types of globalization influence one another. For example, liberalized national trade
policies drive economic globalization. Political policies also affect cultural globalization, enabling
people to communicate and move around the globe more freely. Economic globalization also
affects cultural globalization through the import of goods and services that expose people to other
cultures.

Examples of globalization
Multinational corporations are a tangible example of globalization. Some examples include the
following:

• McDonald's had more than 40,000 fast-food restaurants in 118 countries and territories in
2022.

• Ford Motor Company works with about 1,400 tier 1 suppliers around the globe.

• Amazon has expanded in recent years and now has nearly 10 million sellers globally and
employs approximately 1.5 million employees.

Multinational corporations influence the social and economic development of the countries that
host them. They also embody the contradictions of globalization. They bring jobs, skills and wealth
to the region they're investing or doing business in. But they also can destroy local businesses,
exploit cheap labor and threaten indigenous cultures. The benefits they offer are often
unsustainable because the loyalty of multinationals is to their investors and bottom lines and not
to the local people, economies and cultures where they're doing business.

Another example of globalization is the response to the COVID-19 pandemic. Because the world
was able to communicate across boundaries, some nations worked together to quickly produce
vaccines for the virus. In addition, doctors traveled where they were needed. For example, Cuba
sent doctors to Italy at the beginning of the pandemic to assist with the crisis as it developed there.

However, countries also enacted strict travel restrictions, and many closed their borders to cut
down on the free movement of people and spread of the virus.
Effects of Globalization:
Analyzing the effects of globalization, one can look in to the industrial, financial, economical,
political, informational, and the ecological aspects of globalization.

The worldwide production has emerged as a result of globalization which created broader access
to a range of products from different countries. The movement of goods between national
boundaries has been improved which promised a significant growth in the international trade. For
instance, if you look in to the China's trade with Africa in recent years it has been rose sevenfold
which shows the wonder of globalization.

The worldwide financial markets emerged creating better access to external borrowers. For
example, to support the extended levels of trade and investment $1.5 trillion in national currencies
were traded, globalization is meant to create a world government which will monitor the
relationships among governments and promise the rights of the social and economical
globalization.

In term of the economic relations, world is presumed as a global village where there should
freedom of exchange of goods and capitals. The only drawback in linking the markets of different
countries is that the economic collapse in a particular country may affect all other countries. There
will also be a shift of jobs to locations where there are lowest wages which may result in least work
protection and health benefits for the employers.

In terms of politics, globalization is meant to create a world government which will monitor the
relationships among governments and promise the rights of the social and economical
globalization.

Globalization in Bangladesh:
Bangladesh has a reputation as one of the poorest countries in the world. We struggle with poverty
and hunger, but globalization gives us more freedom to fight poverty and hunger.
However, Bangladesh has become a modern country after opening its borders to free trade and
investment.

The idea of globalization and modernization was born out of the capitalist market mentality in the
age of technology, "Globalization occurs when an organization extends its activities to other parts
of the world, actively participates in other markets, and competes against organizations located in
other countries" (Holton p.36). Bangladesh allows foreign companies to enter into our market. Our
companies are also allowed to enter foreign markets. Globalization makes. international borders
vanish and increases competition in the market place. In the modern world, globalization also has
an impact on our culture and social life. For example, MacDonalds introduced American fast food
to other parts of the world. Foreign media introduces different cultures to the different nations. In
my last essay, I discussed the disadvantages of globalization in Canada. Other countries, like
Bangladesh benefit from opening their borders for trade and investment by increasing their
modernity.

Our history says that we have been behind from the modern world during the colonial rule, for our
anti-globalization movement. Both Britain and Pakistan ruled Bangladesh for 200 years and 23
years respectively. They used their power to exploit the Bangladeshi people and there was no
democracy or freedom. This kept us separate from the rest of the world and made it impossible for
us to become a modern country. "The birth of Bangladesh in 1971 was the first instance of an
ethnic linguistic nationalist movement succeeding in creating a new state in the post-colonial
period" (Jahan, p12). Our independence gave us the opportunity to share knowledge with other
nations and led us towards modernity.

Globalization is increasing the living standards of poor people in Bangladesh. Industries from
foreign investments create employment opportunities for a large number of people including young
women who, for the first time, can visibly enter the male dominated public space. Because of the
traditional cultural norms of behaviors for young women, they were not allowed to show their
faces in pre-modernized Bangladesh. "Foreign investment creates 10,000 new jobs every year in
Bangladesh" (Jahan, p.64). Foreign and export-oriented industries are changing the economic and
social scenario of Bangladesh which, results in an increase of living standards. Mr. Temple, World
Bank Country Director for Bangladesh examined the 1990 average ratio of trade to GDP (Gross
Domestic Product) in Bangladesh and explained that it has risen from 19 percent to 35 percent. He
also described the story of a village woman whose life was changed for globalization.

...Hosne Ara Begum, a 40-years-old garments worker at Dekko Apparels Ltd... hardly had a chance
for a decent job... Now [she] can not only to survive physically, but also dream of a future in which
her school-going children [will] have much better prospects. Hosne Ara is not looking back
anymore. She is striding forward to the future. For a Hosne Ara, the [introduction]of Bangladesh's
garments industry to the global market was a blessing. (Temple)

There are many women like Hosne Ara who have found a better way of life. In most cases, these
jobs have empowered women, who are now in greater demand for marriage and they receive more
respect in their families because of their monthly income. Our women have made our society
modern by breaking the traditional cultural norms.

Increasing globalization is motivating the Bangladeshi people and increasing the modernity in our
society, "Motivation refers to the forces within a person that effect his direction, intensity, and
persistence of voluntary behavior," (McShane, p62). Foreign investments create high paying. jobs,
which require more knowledge and skill, therefore motivating people to work for a higher
education. Bangladeshi students are performing better than before. Advertisements for foreign
products also motivate people. Globalization allows foreign companies to advertise their products
in our country. When people watch advertisements for expensive foreign products, they want to
buy them even if they don't have the ability. This motivates people to strive for a higher education
to increase their skill level thereby increasing their income. Personally, I am motivated since I grew
up in the Bangladeshi global environment. I came a long way for a higher education to fulfill my
dream for a higher standard of living. Motivated Bangladesh people are making our country
modern.

Bangladesh has largely benefited from the transfer of technology. One nation cannot produce
everything, because it has limited resources. Globalization gave us the opportunity to use modern
technology. We got world-class telecommunication technology, which was not possible without
foreign investment. For example, a telephone company that had been monopolizing mobile
telecommunication services since 1992, was diminished by the global movement. At that time only
a few people were able to use it, for it was incredibly expensive and their services were below
average. They also provided very few jobs in that sector. When some other foreign companies
entered our market, the monopolist company lost its power. Now the competitive activity of many
telephone companies has increased competition, people's income levels, and employment
opportunities, which in turn has substantially reduced poverty. Modern telecommunication
technology connected us to the rest of the world. In comparison with the modern world, our country
is also getting technological advantages like computers and the Internet, transportation and online
banking. We are earning foreign currency and creating many. new jobs by exporting computer
software. Globalization has made a big social and economic change in Bangladesh. There can be
no doubt that the result of globalization in Bangladesh has been positive.

Impact of Globalization on Bangladesh:

Globalization has become a buzzword in the new era of international relations. Basically, it is a
process of expanding trade and commerce all over the world by creating a frontier-less market.
But now it has had a far-reaching effect on many aspects of life. With the development of hi-tech
communication media and rapid transportation facilities, the whole world has squeezed and people
have come closer to one another. Now we can learn in an instant what is happening in the farthest
corner of the globe. In fact, globalization is currently understood mainly in terms of mutual
relationship of nations and region of economic domain, in particular, trade, financial flows and
traditional corporations. In other words, globalization is seen as an economic parallel to
internationalization in the form of the universal market, notwithstanding the fact that there has
been an interlined process of political and cultural globalization exemplified by increasing

• Impact On Sports and Recreation: Sports play an important role in the development of
international relationship. Many international sporting events are organized from time to
time. These events are telecast worldwide by satellite and people all over the world watch
them live. The sports venue becomes a meeting place of people from different countries.
They come closer to each other, sharing views, opinions and friendship. Bangladesh is also
the beneficiary of this opportunity.
• Impact On Education: Like other developing countries of the world, Bangladesh has
identified education as the key to prosperity and progress. Donor countries are contributing
to the progress of our literacy rate and overall education. Various international
 organizations have responded dramatically with their generous aid in education sector.
Many non-formal schools are being run. Meritorious students are availing themselves of
the foreign study scholarship.
• Impact On Our Culture: Although globalization is mainly connected with business, trade
and international relations, it is no longer viewed from that perspective alone. The tide of
globalization is now encroaching into other spheres too. Satellite Television channels and
the Internet are bringing all sorts of different customs and behavior into our homes. Under
the influence of globalization, global culture is steadily getting integrated with local
cultures. Different cultures are constantly interacting. As an independent nation, we have
our own traditional social values, beliefs and attitudes. But in the globalizing process, many
foreign customs and beliefs are intruding on them
• Impact On Family: Globalization exerts influences on our concepts of family.
Commercialization and rapid urbanization have resulted in breakdown of traditional large
families into nuclear ones. Expanded rate of female education is another example of the
impact of globalization. Taking the advantage of the idea of globalization, capitalist
countries are exploiting and impoverishing the workers of the developing countries. In the
name of help and co-operation, the industrially developed capitalist countries are exploiting
the cheap labor available in poorer countries. This actually paves the way for a lasting
poverty so that the capitalists can continue to have a poor of cheap labor to draw from. The
exploited and impoverished workers of the developing countries are no much for a
globalizing powerful capitalism, as a result, the gap between wealth and poverty is ever
widening. Globalization has put the people of the world on the same vessel but in different
cabins.
Negative consequences of globalization:
Many proponents view globalization as a way to solve systemic problems in the world economy,
but critics see it as increasing global income inequality. Among the critiques of globalization are
the following issues:

• Destabilizes markets. Critics of globalization blame the elimination of trade barriers and
the freer movement of people for undermining national policies and local cultures. Labor
markets in particular are affected when people move across borders in search of higher
paying jobs and companies outsource work and jobs to lower cost labor markets.

• Damages the environment. The transport of goods and people among nations
generates greenhouse gases and all the negative effects it has on the environment. Global
travel and trade also can introduce, sometimes inadvertently, invasive species to foreign
ecosystems. Industries such as fishing and logging tend to go where business is most
lucrative or the regulatory environment is less restrictive, which has resulted in overfishing
and deforestation in some parts of the world.

• Lowers living standards. When companies move operations overseas to minimize costs,
such moves can eliminate jobs, increasing unemployment in sectors of the home country.

• Facilitates global recessions. Tightly integrated global markets carry a greater risk of
global recessions. The 2007-2009 financial crisis and Great Recession is a good example
of how intertwined global markets are and how financial problems in one country or region
can quickly affect other parts of the world. Globalization reduces the ability of individual
nations to use monetary and fiscal policies to control the national economy.

• Damages cultural identities. Critics of globalization decry the decimation of unique

cultural identities and languages that comes with the international movement of businesses
and people. At the same time, the internet and social media are driving this trend even
without the movement of people and commerce.

• Increases the likelihood of pandemics. Increased travel has the potential to increase the
risk of pandemics. The H1N1 swine flu outbreak of 2009 and coronavirus in 2020 and 2021
are two examples of serious diseases that spread to multiple nations quickly.
Examples of deglobalization:
Globalization critics promote deglobalization, where nations are skeptical of global integration.
Independence, particularly economic independence, is viewed as more beneficial than
interdependence on other nations.

For example, the COVID-19 pandemic's effect on global supply chains caused bottlenecks and
shortages of many goods, straining various nations' economies. To proponents of deglobalization,
a shift toward locally sourced raw materials and products made sense.

However, it's not just countries that are becoming deglobalized. Companies are disengaging from
certain countries, as well. Many companies closed their offices in Russia and suspended service in
light of the Russia-Ukraine war. Others have partially ceased operations there, as Sketchers did in
suspending shipments to Russia but not online sales.

In recent decades, companies in certain sectors -- particularly manufacturing -- have outsourced

operations to other countries to take advantage of lower labor costs. More recently, there have been
targeted efforts to reduce reliance on countries like China and reshore U.S. manufacturing so that
products can be sourced in the U.S. For example, Intel is building two semiconductor plants in
central Ohio, and Hyundai is building an electric vehicle and battery manufacturing plant in
Georgia.

Future of globalization:
Technological advances, particularly in blockchain, mobile communication and banking, are
fueling economic globalization.

Nonetheless, rising levels of protectionism and anti-globalization sentiment could slow or even
reverse the rapid pace of globalization. Nationalism and increasing trends toward conservative
economic policies are driving these anti-globalization efforts.

Global trade is also made more difficult by rising threats from other factors, such as the following:

• Climate change.

• Decaying infrastructure.
 • Cyber-attacks.

• Human rights abuses.

Conclusion:
It is true that globalization has produced a window of opportunity for more countries to join the
mainstream of world economy. Through globalization process, the world can be knit together,
cross-fertilization of culture can take place and transfer of knowledge can become a reality. It has
the hazards too and in the ultimate analysis no country is safe from the hazards of globalization.
We can conclude by quoting the Apollo-7 astronaut that. "The thing that impressed me about
looking to the earth from outer space was that the borders between countries were not visible."
National borders are virtually meaningless today. If we want to be advanced, we should have co-
operation and interdependence but not conflict and dependence. If we can build up an atmosphere
of mutual understanding and co-operation through the globalization process, our world can
certainly be a better place to live in.